Last month, a four-bedroom unit in The Interlace was sold for $5.469 million ($1,603 psf), resulting in a profit of $1.753 million, which is a record high for the 99-year leasehold condo. The seller had purchased the 3,412-sq ft penthouse for $3.716 million ($1,089 psf) from the developer in October 2010.
We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of the four-bedroom penthouse secured a good deal.
Mega condo in District 4
The unique façade of The Interlace makes it an iconic landmark in the neighbourhood. Located along Depot Road in District 4, the massive development comprises 1,040 units, ranging from two-bedroom to four-bedroom units, with sizes between 807 sq ft and 6,308 sq ft.
The 99-year leasehold condo’s land lease commenced in 2009, leaving it with a remaining tenure of approximately 83 years. The Interlace obtained its temporary occupation permit (TOP) in 2013, making it 12 years old.
Amenities within a 1km radius include Anchorpoint Shopping Centre, Queensway Shopping Centre, Depot Heights Shopping Centre, Alexandra Retail Centre, Alexandra Central Mall, IKEA Alexandra, ABC Brickworks Market and Food Centre, Alexandra Village Food Centre, Gillman Barracks, Mapletree Business City, HortPark, and The Southern Ridges (see Map 1).
Source: EdgeProp LandLens (as at 20 March 2025)
Parents of young children should note that Blangah Rise Primary School is the only primary school within a 1km radius (see Screenshot 1). However, expanding the radius to 2km includes three more primary schools, namely Queenstown Primary School, New Town Primary School and Gan Eng Seng Primary School.
Source: EdgeProp Is it a Good Deal (as at 20 March 2025)
A drawback of The Interlace is the lack of MRT stations within 1km (see Screenshot 2). However, this could be mitigated by its close proximity to the Ayer Rajah Expressway.
Source: EdgeProp Is it a Good Deal (as at 20 March 2025)
Our tool also highlighted that the transacted price for the penthouse is below the average prices for The Interlace and District 4, despite the transaction generating a record-high profit of $1.753 million.
Record high profit of $1.753 million
Thus far, there have been 482 profitable transactions for The Interlace, with profits ranging from approximately $10,000 to $1.753 million. Among these, only 14 transactions have yielded profits of at least $1 million for their sellers. However, the sale of the subject unit is the only transaction to have yielded a profit above $1.4 million. Additionally, only four other transactions have recorded profits exceeding $1.2 million (see Table 1).
Source: EdgeProp Buddy (as at 20 March 2025)
The subject unit is a four-bedroom penthouse measuring 3,412 sq ft. Located on the 22nd storey, the spacious unit features an en-suite master bedroom and a second en-suite bedroom, both of which have their own private balconies. Additionally, the unit has two more balconies, located adjacent to either the living area or dining area. It also includes two other bedrooms, a common bathroom and a powder room (see Floor Plan 1).
Source: EdgeProp Research
The second most profitable transaction for The Interlace also took place last month. The seller sold the unit on the 16th storey for $3.54 million ($1,653 psf), resulting in a profit of approximately $1.373 million. The seller had purchased the unit from the developer in May 2010 for $2.167 million ($1,012 psf).
The 2,142-sq ft unit features three bedrooms, comprising an en-suite master bedroom and two other bedrooms that share a common bathroom. The spacious balcony’s proximity to the kitchen allows it to be easily converted into a dining space if the occupant wishes to create a larger living area (see Floor Plan 2).
Source: EdgeProp Research
Notably, the sellers of the two most profitable units purchased their units in 2010 and sold them last month, meaning they owned their units for approximately 15 years. During that period, the average price of The Interlace increased by 50.7%, enabling the sellers to reap substantial profits (see Chart 1).
Source: EdgeProp Market Trends (as at 20 March 2025)
Additionally, the two most profitable units were transacted at above $1,600 psf, exceeding the prevailing average price of $1,584 psf for The Interlace.
All losses are well under $1 million
To date, there have been 24 unprofitable transactions for The Interlace. Losses range from approximately $6,300 to $615,000. The record-high loss of $615,000 is the only loss exceeding $500,000. To date, only three transactions from The Interlace have recorded losses above $400,000 (see Table 2).
Source: EdgeProp Buddy (as at 20 March 2025)
The record-high loss of approximately $615,000 involved a four-bedroom unit on the 12th storey. The seller purchased the unit in May 2013 for $3.515 million ($910 psf) and sold it in May 2017 for $2.9 million ($750 psf).
The unprofitable unit is a split-level unit that measures 3,864 sq ft. The living/dining area and kitchen are on the lower level, while the bedrooms and bathrooms are on the higher level. Two of the bedrooms, including the master bedroom, have their own attached bathroom. The remaining two bedrooms share a common bathroom (see Floor Plan 3). The different levels may appeal to some buyers who value privacy and hence appreciate the separation of the different spaces. However, households with elderly members might prefer a home without stairs.
Source: EdgeProp Research
The sellers of the two most profitable units held onto their units for 15 years, allowing them to benefit from the capital appreciation of their asset over the years. However, the seller of the least profitable unit sold their property just four years after purchasing it. During those four years, the average price for The Interlace fell by 10.5%.
Moreover, the seller sold their unprofitable unit in 2017, when the average price of The Interlace dropped to a record low of $1,013 psf (see Chart 1). To make matters worse, the seller sold the unit at $750 psf, significantly lower than the average price for the condo that year. Fortunately, the seller secured a bargain when they purchased the unit at $910 psf in 2013, when the average price for the condo was higher at $1,132 psf.
Lone condo in the vicinity
There are no condos within a 500m radius of The Interlace. However, if the radius is expanded to 1km, there are only two freehold condos, namely The Anchorage and Queensway Tower (see Map 2).
Notably, The Anchorage and Queensway Tower are in District 3, while The Interlace is in District 4. However, all three condos are located in the Rest of Central Region (RCR).
Source: EdgeProp LandLens (as at 20 March 2025)
Both condos are significantly smaller than The Interlace. The Anchorage, located along Alexandra Road, has 775 units, while Queensway Tower, located along Queensway, has only 78 units.
Additionally, both condos are significantly older than The Interlace which obtained its TOP in 2013. The Anchorage (TOP in 1997) is 16 years older while Queensway Tower (TOP in 1976) is 37 years older than The Interlace.
Residents of The Anchorage and Queensway Tower benefit from the conveniences of living in a mixed-use development. The Anchorage is part of a mixed-use development that includes Anchorpoint Shopping Centre, while Queensway Tower sits on top of Queensway Shopping Centre. Additionally, both condos are within walking distance of Mei Ling Market and Food Centre, Alexandra Village Food Centre, ABC Brickworks Market and Food Centre, Alexandra Central Mall and IKEA Alexandra. They are also approximately 600m away from Queenstown MRT Station and a short drive from the Ayer Rajah Expressway.
Average resale price for The Interlace trending lower than its peers
Propelled by its freehold tenure and the convenience of being part of a mixed-use development, the average resale price for The Anchorage ($1,968 psf) has trended above that of The Interlace ($1,584 psf) since 2016. In contrast, the age of Queensway Tower has probably placed downward pressure on its average resale price ($1,504 psf) (see Chart 2).
Since 2020, The Interlace (25.4%) has also achieved slower price growth, compared to The Anchorage (34.6%) and Queensway Tower (56.5%).
Source: EdgeProp Market Trends (as at 20 March 2025)
The average resale price for The Interlace ($1,584 psf) is also significantly lower than that of 99-year leasehold condos, aged 11 to 20 years old, in District 4 ($1,771 psf) and RCR ($1,925 psf) (see Chart 3).
However, the average resale price for The Interlace (25.4%) has grown at a stronger pace since 2020, compared to its peers in District 4 (16.3%) and RCR (22.8%).
Source: EdgeProp Market Trends (as at 20 March 2025)
Higher profits for The Anchorage
Since its launch, The Anchorage has recorded 359 profitable and 103 unprofitable transactions. Profits range from approximately $3,300 to $2.5 million, while losses range from breakeven to approximately $780,000. The Anchorage also recorded two transactions with profits exceeding $2 million, while the highest profit recorded for The Interlace is well below that threshold.
The most profitable transaction for The Anchorage involved a three-bedroom unit on the 16th storey. The 1,798-sq ft unit was purchased in May 2006 for $1.08 million ($601 psf) and sold in November 2023 for $3.58 million ($1,992 psf), resulting in a profit of approximately $2.5 million.
Interestingly, the same unit was involved in a previous unprofitable transaction, resulting in the highest loss of $780,000 for The Anchorage. The seller bought the unit in February 1997 for $1.86 million ($1,035 psf) and sold it in May 2006 for $1.08 million ($601 psf) (see Table 3).
Source: EdgeProp Buddy (as at 20 March 2025)
As the same unit generated both the highest profit and loss for The Anchorage, it seems that timing plays an important role. Furthermore, the unit has a typical layout for a three-bedroom unit, with an en-suite master bedroom and two other bedrooms sharing a common bathroom. The unit also features a small balcony adjacent to the living area (see Floor Plan 4).
Source: EdgeProp Research
The first owner bought the unit in 1997 when the average price of The Anchorage reached a peak of $877 psf (see Chart 4). Furthermore, they paid $1,035 psf for the unit, significantly higher than the condo’s prevailing average price. The first owner then sold the unit in 2006, a year after the average price for The Anchorage bottomed out. Fortunately, the owner was able to negotiate a good deal and sold the unit at $601 psf, higher than the then-average price of $589 psf.
The second owner secured a handsome profit by selling the unit at $1,992 psf in 2023, when the average price for The Anchorage was significantly lower at $1,767 psf.
Source: EdgeProp Market Trends (as at 20 March 2025)
Conclusion
Despite the owner pocketing a record-high profit of $1.753 million, the transacted price of $1,603 psf is only slightly higher than the average resale price of $1,584 psf for The Interlace. It is also noteworthy that the average resale price for The Interlace is trending below that of 99-year leasehold condos in District 4 and RCR that are of similar age.
Moreover, buyers keen to live in the vicinity may have limited choices, as there are no condos within a 500m radius of The Interlace. Only The Anchorage and Queensway Tower are within a 1km radius, and both freehold condos are significantly older than The Interlace. Despite being older, The Anchorage commands a higher average resale price than The Interlace, probably due to its freehold tenure and closer proximity to malls and an MRT station.
To learn more about this transaction, and whether it is a good deal, click here.
